Nephrocare Health IPO Subscription Update: Will Shares Jump on Debut?
Stay updated on Nephrocare IPO: subscription trends, GMP movements, listing schedule, and expert recommendations for retail and institutional investors.
image for illustrative purpose
The public offer of Nephrocare Health Services Ltd., the premier dialysis care provider that functions under the NephroPlus name, is finishing up today, December 12. The subscription was opened on December 10. The firm has set a price range of ₹438–460 per share for the initial public offering worth ₹871.05 crore.
The IPO consists of a new issue of shares amounting to 0.77 million shares worth ₹353.40 crore and an offer for sale of shares entrenched at 1.13 million shares priced at ₹517.64 crore. The funds coming from the fresh issue will enhance the company’s expansion plans where ₹129.1 crore is snapped for new dialysis centres in India, ₹136 crore for debt repayment, and the balance laid out for general corporate purposes.
As of September 2025, NephroPlus has positioned itself as the largest dialysis network in India, managing 519 clinics in 288 cities across 21 states and 4 union territories. Roughly 77% of its centers are located in tier II and III cities, which reveals a clear strategy of focusing on the underserved markets. The company also has international presence in the Philippines, Nepal, and Uzbekistan with 51 facilities, where it runs the world’s largest dialysis clinic.
Mixed responses from the investors were seen regarding the issue. On December 12 the grey market premium (GMP) for Nephrocare shares increased from ₹0 to ₹20, which was an indicator of a possible listing price near ₹480, or a 4.34% premium over the upper price band. The GMP, however, followed a downward trend later to ₹11–11.5 due to the low subscription activity.
Around the middle of the morning on Friday, the IPO had overall been subscribed around 0.57–0.64 times. The retail part was subscribed 0.64–0.70 times, the non-institutional investors (NII) segment 0.39–0.55 times, and qualified institutional buyers (QIBs) 0.30–0.31 times. The moderate uptake, while the market remained cautious, was realized by analysts as the main reason for the slow buying speed in stocks, despite good brokerage ratings.
The issue is rated as ‘subscribe’ by a number of investment firms, including Kunvarji Finstock, Anand Rathi, Lakshmishree Investment, BP Equities, and SBICAP Securities, to name a few. Geojit Financial Services pointed out the asset-light expansion strategy of the company and the 29x FY25 EV/EBITDA multiples at the upper price band, suggesting an attractive offering in comparison to peers in the market.
The shares of Nephrocare are to be listed on the NSE and BSE on December 17, 2025, with the allotment being done on December 15. The minimum retail application consists of 32 shares which amounts to ₹14,720 at the upper price band. ICICI Securities, Ambit, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) Pvt Ltd are the underwriters for the IPO and Kfin Technologies Ltd is the registrar.
